SÃO PAULO, Brazil – JBS SA, the world’s largest meatpacker, canceled plans to reorganize the company and move some operations to Ireland after a minority shareholder, Brazil’s national development bank (BNDES), vetoed the move, according to published news reports. Shares of JBS plunged on the news.

BNDES, through its equity arm BNDESPar, holds a 20.36 percent stake in JBS and has veto power over the plan.

Under the proposed reorganization JBS intended to contribute all of its assets except its Brazilian beef business to a new holding company called New Holdco, according to documents filed with the Securities and Exchange Commission (SEC). New Holdco was to be a wholly-owned subsidiary of JBS International, while JBS SA was designated as a consolidated subsidiary of JBS Foods International and still trading separately on the Brazilian stock exchange. JBS Foods International was to be publicly traded on the New York Stock Exchange under the symbol “JBS.”